Kuwait Petroleum International (KPI) is in talks to buy 24 per cent of the Bina joint venture refinery in Madhya Pradesh, two Indian and two foreign sources said, as the West Asia nation wants to increase its South Asian market share.
Global oil producers are vying to gain entry into India’s expanding refining sector. The world’s third-biggest oil importer plans to raise its refining capacity by 77 per cent to about 8.8 million barrels per day (bpd) by 2030 to meet rising fuel demand.
“Talks with KPI are at a preliminary stage,” said one of the Indian sources. KPI is the international downstream unit of state-owned Kuwait Petroleum Corporation (KPC).
The 120,000-bpd Bina plant is operated by Bharat Oman Refineries Ltd (BORL), a 50-50 joint venture between Oman Oil Co and state-run Bharat Petroleum Corp. Read More